The Illinois Finance Authority is requesting input and feedback on the development of its Property Assessed Clean Energy ("PACE") Warehouse Fund product, which product seeks to provide on-demand interim funding options for PACE projects secured by assessment contracts at an affordable cost of capital for capital providers in the Illinois PACE market. The contemplated Warehouse Fund product will be complementary to the Authority’s PACE bond financing service.
CLICK HERE for a copy of the Request for Comments. Please note that the Authority endeavors to receive comments by June 30, 2019.

Under Illinois law, commercial property owners in Illinois can finance or refinance up to 100% of their energy efficiency, renewable energy, and water conservation projects on a long-term basis through a local unit of government that has established a PACE area within its jurisdictional boundaries. A commercial property owner in a PACE area voluntarily enters into an assessment contract with the local unit of government, and a bond issue funds the Energy Project. PACE bonds are repaid through an assessment imposed on the commercial property pursuant to the assessment contract, and are never general or moral obligations of taxpayers.
The Authority’s PACE bond financing service offers borrowers, local units of government, program administrators, and capital providers (or bond purchasers) a turnkey solution for standardized, efficient, and affordable PACE bond issuance. The Authority’s PACE bond financing service promotes standardization of an otherwise fractured Illinois PACE market to improve liquidity and bring about cost savings for all.
Use the links on this page to find additional help and information and follow us on Twitter at: @IFAPACE

Program Category: 
Bond Programs